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jessicastyler wrote:

Hi!
I can't seem to find anywhere that explains how to:
#1 - Transfer pesos into dollars with a good exchange rate
#2 - How to get the exchanged money into my US bank account without leaving Mexico (perhaps that part isn't possible - I'd be happy just to figure out #1).
#3 - How can I pay my capital one credit card from mexico with pesos???

I am making money in pesos, but have credit card payments that I need to make from Mexico. What are my options? Even if I can buy dollars with pesos from a bank (though I feel like I'll lose a lot that way), how do I get that $$ in my bank account or into my paypal?

There doesn't seem to be any options besides finding americans that have dollars and need pesos and exchanging it for them myself!

Could I open a mexican bank account with a tourist visa (Ci Banco I heard might do that), deposit the pesos, and pay my credit card from a mexican bank account?

Or could I deposit pesos and link my paypal with my mexican bank account and send money to my mom (and have her deposit into my account?)??


HELP!!

That's  pretty confusing Jessica,

If you are living in Mexico how are you paying your bills? Is your credit card a U.S. credit card?

If it were I, I would bring those questions to the bank that issued your card. You seem to be saying you are working in Mexico do you have the visa for that?   
You can also talk to the Mexican bank about their regulations and if you can get an account. Seems like you need to talk to the various credit agencies you are involved with. You need to talk to the people making the rules. Perhaps this link will help.

WOW! quite confusing Jessica.

Like "travellight" said, seems like working and making money illegally thus creating problems for yourself if still having American credit card with balance to pay but no income going to an American bank account.

An option would be to send via Western Union a payment to Capital One with the pesos you have they will make the conversion and collect a BIG fee.

But at the end, without the proper legal documentation (INM), you are looking for trouble.

Adios y buen dia a todos, GyC.

Dear Jessica,

Most bank credit cards have international transaction fees.

This applies both for US credit cards used for payments in Mexican pesos as well as Mexican credit cards used for payments in US dollars.

I receive payments in pesos on my US PayPal account.

PayPal converts payments received to whatever currency you opened the account with (Pesos, Dollars, etc).

This may be a solution.

May I suggest that you have your accounts in CitiBank.  Here in Mexico the sister bank in CItiBanamex.  a part of CITI GROUP.  The transfer is a no charge. There is only a 2% charge which is fair.  You can go onto OANDA Currency   and compare
There is a Santander Bank and they are in the states as well.  While in Mexico you can get a credit/debt card from the bank where you have your account.  Also CAPITAL ONE credit Cards don't charge an international fee.  The rate of exchange is great, they use the bank to bank conversion omitting the 2%.  Then you pay your CAPITAL ONE CARD on LINE.  If you shop at COSTCO which are in areas of MEXICO, get yourself a CAPITAL ONE VISA CARD.

EXCHANGE RATES FLUCTUATE WEEKLY. RIGHT NOW, $1 IS 19.32 CHECK EXCHANGE RATES ON INTERNET. DO U HAVE AN ACCOUNT HERE IN MEX? CITIBANK IS WHAT WE USE HERE. CITIBANCOMEX.. U CAN HAVE A BAnk exchange from pesos to usd. or u can have credit cards withdraw direct from your bank acct. i am retired and receive funds of social security thru direct express. i chaNGE MY MONEY FROM USD TO PESOS AT ANY ATM Machine.atm machine tells me how much money in pesos ill get at time of withdrawl. if u have an account in usa u can transfer money from here to your us bank and have credit card withdraw from us account.

Yes, I agree with you. I never have to worry about paying American Credit Cards, I use the funds in my CitiBank and monthly I transfer US dollars to my Citibanamex account which converts into Pesos.  Yes I use the Banamex ATM for my pocket money etc. I charge almost everything.  Sam's Club,Costco with their individual cards. Internet, Phone & Electric are automatically withdrawn from my Banamex account. Good luck. Once you do the transactions a few times your comfort level is better.

Hi Jessica,

I have the same problem and nobody seems to know how to solve it.

Help!

@mexicogc

Living and working in Mexico with American bills doesn’t automatically mean one is working illegally. I worked at a school here, legally, with my work visa, was paid in pesos, but still had American bills. I use my US CC for everything to get points and have US based student loans. A simple wire transfer monthly is how I solved that problem.

I use debit cards here in MX to take pesos from the ATM.  Use my us credit cards to charge groceries

Pay my credit cards with automatic debit.  I use credit/debit cards with no foreign transaction fees.  I pay my rent which is in dollars with my US checking account

You can open a bank account at bbva on a temporary  visa. You need a cell phone with a Mexican number, your passport and a  electric bill with a Mexican address. It does not have to be your address use a friends . Be careful- a savings account in Mexico is actually an annuity. I learned the hard way. Try for the checking but if not get the savings. Everything is easier when you have a Mexican bank account. also Intercam bank will take temporary resident and tourists visas for a checking account although there is a 30 day hold.